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General Percy Kirke and the Later Stuart Army
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General Percy Kirke (c. 1647-91) is remembered in Somerset as a cruel, vicious thug who deluged the...
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Jane Austen's Transatlantic Sister: The Life and Letters of Fanny Palmer Austen
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In 1807 genteel, Bermuda-born Fanny Palmer (1789-1814) married Jane Austen's youngest brother,...
Mawson's Will
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The dramatic story of explorer Douglas Mawson and the most outstanding solo journey ever recorded in...
Mr. Churchill's Secretary (Maggie Hope Mystery, #1)
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London, 1940. Winston Churchill has just been sworn in, war rages across the Channel, and the threat...
Sassy Brit (97 KP) rated Jefferson's Treasure: How Albert Gallatin Saved the New Nation from Debt in Books
Jun 5, 2019
Jefferson’s Treasure, by Gregory May, details, “how Albert Gallatin saved the new nation from debt.” Appointed by President Thomas Jefferson to be his Treasury Secretary, Gallatin continued under President Madison, maintaining that position for twelve years. During his tenure, he abolished internal revenue taxes in peacetime, slashed federal spending, and repaid half of the national debt.
So who was this man that undid Alexander Hamilton’s fiscal system, rejecting it along with Madison and Jefferson? Because both Presidents did not understand the financial system, they depended on Gallatin to reform it. Gallatin arrived in America in 1790 from Geneva and rose up to become a trusted advisor of the Republicans. Six years before Jefferson was elected President, Gallatin’s Pennsylvania neighbors rebelled against the tax on whiskey. He supported them in principle but opposed the violence that ensued, burning the local tax collector’s house, robbing the mail, and marching on Pittsburgh.
The play “Hamilton” uses revisionist history. The real Hamilton believed in big government and wanted to continue funding federal deficits. He based his theories on the British who used the money to fund their large military conflicts, believing that the ability to borrow endless amounts of money would allow the new United States to become a great nation. Jefferson and Madison thought Hamilton’s system, straight from the British way, was tainted with tyranny. As May noted, “It made the people pay obnoxious taxes in order to fund interest payments on a mounting federal debt and the costs of an expensive military establishment. It shifted money from ordinary taxpayers to the relatively few rich men who held the government’s bonds. That was just the sort of thing that had led Americans to revolt against Britain in the first place.”
May believes, “The hip-hop immigrant hero of the Broadway musical is a myth. The musical might be a great work of art, but is relies on misconceptions of Hamilton. He was not an immigrant, but a migrant within the British Empire. Also, he was not a man of the people, as Gallatin was, but an elitist.”
While Hamilton committed to paying only the interest on the government’s debt, Gallatin committed the government to repaying fixed amounts of the principal each year. He also insisted that the government should never spend more than it earned except in times of war. By slashing federal expenses, Gallatin was able to get rid of the tax on whiskey and abolish the entire internal revenue service.
The Republicans, an agrarian society, distrusted these elitists where two-thirds of the government debt belonged to a few hundred very wealthy men residing mainly in Philadelphia, New York, and other mercantile cities. They saw Hamilton’s plan of collecting taxes from ordinary citizens as a way for a few rich men to become even wealthier. Implementing these excise taxes required government officials to inspect, quantify, and mark the items subject to tax.
The Hamilton system benefited the wealthy debt holders and spectators at the expense of the average taxpayer who had to pay the interest. The government would borrow more than the people could pay. Hamilton tried to hide how much money the government was actually spending and spiraled the debt higher and higher.
This was an important part of the British tax base, and “I wanted to show how unpopular it was. Hamilton and company were resented because they created a tax collection network that affected the lives of ordinary citizens. The excise tax is a form of internal taxation, while tariffs are a form of external taxation that fell on the well to do. Remember mostly the well to do bought imports. The Republicans once they came to power relied on import duties rather than excise taxes.”
May further explained, “When Jefferson and his administration came to power it was Gallatin who got rid of Hamilton’s deficit finance system and cut taxes. By the time he has left office he has repaid half the federal debt and set up a program for repaying the rest.”
Anyone who wants to understand the early economic systems of the Founding Fathers will enjoy this book. It shows how Gallatin, by killing Hamilton’s financial system, abolished internal revenue taxes in peacetime, slashed federal spending, and repaid half of the national debt.
So who was this man that undid Alexander Hamilton’s fiscal system, rejecting it along with Madison and Jefferson? Because both Presidents did not understand the financial system, they depended on Gallatin to reform it. Gallatin arrived in America in 1790 from Geneva and rose up to become a trusted advisor of the Republicans. Six years before Jefferson was elected President, Gallatin’s Pennsylvania neighbors rebelled against the tax on whiskey. He supported them in principle but opposed the violence that ensued, burning the local tax collector’s house, robbing the mail, and marching on Pittsburgh.
The play “Hamilton” uses revisionist history. The real Hamilton believed in big government and wanted to continue funding federal deficits. He based his theories on the British who used the money to fund their large military conflicts, believing that the ability to borrow endless amounts of money would allow the new United States to become a great nation. Jefferson and Madison thought Hamilton’s system, straight from the British way, was tainted with tyranny. As May noted, “It made the people pay obnoxious taxes in order to fund interest payments on a mounting federal debt and the costs of an expensive military establishment. It shifted money from ordinary taxpayers to the relatively few rich men who held the government’s bonds. That was just the sort of thing that had led Americans to revolt against Britain in the first place.”
May believes, “The hip-hop immigrant hero of the Broadway musical is a myth. The musical might be a great work of art, but is relies on misconceptions of Hamilton. He was not an immigrant, but a migrant within the British Empire. Also, he was not a man of the people, as Gallatin was, but an elitist.”
While Hamilton committed to paying only the interest on the government’s debt, Gallatin committed the government to repaying fixed amounts of the principal each year. He also insisted that the government should never spend more than it earned except in times of war. By slashing federal expenses, Gallatin was able to get rid of the tax on whiskey and abolish the entire internal revenue service.
The Republicans, an agrarian society, distrusted these elitists where two-thirds of the government debt belonged to a few hundred very wealthy men residing mainly in Philadelphia, New York, and other mercantile cities. They saw Hamilton’s plan of collecting taxes from ordinary citizens as a way for a few rich men to become even wealthier. Implementing these excise taxes required government officials to inspect, quantify, and mark the items subject to tax.
The Hamilton system benefited the wealthy debt holders and spectators at the expense of the average taxpayer who had to pay the interest. The government would borrow more than the people could pay. Hamilton tried to hide how much money the government was actually spending and spiraled the debt higher and higher.
This was an important part of the British tax base, and “I wanted to show how unpopular it was. Hamilton and company were resented because they created a tax collection network that affected the lives of ordinary citizens. The excise tax is a form of internal taxation, while tariffs are a form of external taxation that fell on the well to do. Remember mostly the well to do bought imports. The Republicans once they came to power relied on import duties rather than excise taxes.”
May further explained, “When Jefferson and his administration came to power it was Gallatin who got rid of Hamilton’s deficit finance system and cut taxes. By the time he has left office he has repaid half the federal debt and set up a program for repaying the rest.”
Anyone who wants to understand the early economic systems of the Founding Fathers will enjoy this book. It shows how Gallatin, by killing Hamilton’s financial system, abolished internal revenue taxes in peacetime, slashed federal spending, and repaid half of the national debt.
Hazel (1853 KP) rated The Paris Secret in Books
Dec 17, 2018
<i>I received this book for free through Goodreads First Reads.
The Paris Secret</i> is Karen Swan’s latest contemporary novel of light mystery, surprises and a hint of romance. A rich family man in France has recently learnt of an abandoned apartment belonging to his long-deceased father. What was even more astonishing was the discovery that the place is stacked top to bottom with famous artwork. Flora Sykes, a British Fine Art Agent, is hired to tell the family more about their newfound possessions.
Although Flora comes from a wealthy family, the opulence of the Vermeil family is overwhelming. Despite the initial welcoming, Flora is disconcerted by the behaviour of their rotten daughter, Natascha, and terse yet handsome son, Xavier. Feeling like she is already unwanted, things get worse after her research exposes a devastating secret about the family’s history. Fearing she is to blame for the Vermeil’s downfall, Flora tries to focus on her work, but her confusing feelings towards Xavier are driving her to distraction.
For art lovers, <i>The Paris Secret</i> will hold great appeal. A vast amount of research has gone into the novel to be able to include such detail about famous painters, artwork, auctions and much more. While the story primarily focuses on said topic, there is also the added touch of romance developing in the latter stages as well as a continuous theme of brotherly sisterly bonds.
A real-life scenario in which a Paris apartment was discovered after being shut up since the Second World War inspired Karen Swan to write this enthralling story. Using this as the bare bones, Swan tried to imagine what the discovery would have been like for the family, how it would alter their futures, and most importantly what it would change about the knowledge of their history. What emerges is a gripping book that emphasizes the importance of family, prejudices and the continued effects of past war.
In a way,<i> The Paris Secret</i> can be viewed as a piece of Chick Lit – it is about a twenty something woman who has never been in love. On the other hand, is there enough romance for it to sit comfortable under this heading? Perhaps not, but that helps to improve the overall storyline. The inevitable romance scenes do not detract from the Art History plot, thankfully limiting the amount of pages some readers may find uncomfortable.
In all honesty you will need to have a little interest, or enough knowledge of the fine art world to get the most out of this book. Although a leisurely read, <i>The Paris Secret</i> contains many highbrow topics and less of the unpretentious lovey-dovey stuff. Flora is an easy character to like and the narrative flows exceptionally well. Karen Swan is a worthy author to keep in mind when browsing for something to read.
The Paris Secret</i> is Karen Swan’s latest contemporary novel of light mystery, surprises and a hint of romance. A rich family man in France has recently learnt of an abandoned apartment belonging to his long-deceased father. What was even more astonishing was the discovery that the place is stacked top to bottom with famous artwork. Flora Sykes, a British Fine Art Agent, is hired to tell the family more about their newfound possessions.
Although Flora comes from a wealthy family, the opulence of the Vermeil family is overwhelming. Despite the initial welcoming, Flora is disconcerted by the behaviour of their rotten daughter, Natascha, and terse yet handsome son, Xavier. Feeling like she is already unwanted, things get worse after her research exposes a devastating secret about the family’s history. Fearing she is to blame for the Vermeil’s downfall, Flora tries to focus on her work, but her confusing feelings towards Xavier are driving her to distraction.
For art lovers, <i>The Paris Secret</i> will hold great appeal. A vast amount of research has gone into the novel to be able to include such detail about famous painters, artwork, auctions and much more. While the story primarily focuses on said topic, there is also the added touch of romance developing in the latter stages as well as a continuous theme of brotherly sisterly bonds.
A real-life scenario in which a Paris apartment was discovered after being shut up since the Second World War inspired Karen Swan to write this enthralling story. Using this as the bare bones, Swan tried to imagine what the discovery would have been like for the family, how it would alter their futures, and most importantly what it would change about the knowledge of their history. What emerges is a gripping book that emphasizes the importance of family, prejudices and the continued effects of past war.
In a way,<i> The Paris Secret</i> can be viewed as a piece of Chick Lit – it is about a twenty something woman who has never been in love. On the other hand, is there enough romance for it to sit comfortable under this heading? Perhaps not, but that helps to improve the overall storyline. The inevitable romance scenes do not detract from the Art History plot, thankfully limiting the amount of pages some readers may find uncomfortable.
In all honesty you will need to have a little interest, or enough knowledge of the fine art world to get the most out of this book. Although a leisurely read, <i>The Paris Secret</i> contains many highbrow topics and less of the unpretentious lovey-dovey stuff. Flora is an easy character to like and the narrative flows exceptionally well. Karen Swan is a worthy author to keep in mind when browsing for something to read.
Spanish Legal Dictionary
Reference and Education
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Including formal and informal synonyms, with terms and usage clearly labeled by country, our content...
Lawrence in Arabia: War, Deceit, Imperial Folly, and the Making of the Modern Middle East
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A thrilling and revelatory narrative of one of the most epic and consequential periods in 20th...